Daily Forex Fundamentals – September 13, 2011

What’s on the Economic Horizon

U.K. inflation expected to rise
Italian bonds on tap today
Fed budget balance to show slimmer deficit?

U.S. Dollar (USD)

Time for a break from all the bullishness! After rallying strongly the past few days, the dollar gave back some of its recent gains, sliding slightly against most of its major counterparts. While EUR/USD rose 56 pips to 1.3659, GBP/USD finished 13 pips higher at 1.5858. Will the dollar continue its bull run today? Read more…

Euro (EUR)

Just when it looked like the euro was headed for another round of losses, it recovered in spectacular fashion. After touching the 1.3500 handle, EUR/USD bounced back higher during the London session to nearly test the 1.3700 mark. By the end of the day, the pair had closed at 1.3659, up 56 pips from its opening price. Read more…

British Pound (GBP)

Cable moved sideways yesterday but managed to end 20 pips up from its 1.5845 open price. Guppy, on the other hand, chalked up a tiny 2-pip loss to close at 122.58. With a bunch of U.K. economic data on deck today, will the pound pairs be in for bigger moves? Read more…

Japanese Yen (JPY)

You win some, you lose some! Yesterday, the yen got a taste of both victory and defeat as it romped the dollar and weakened against the euro. While USD/JPY closed 8 pips lower at .7730 after falling to an intraday low of 76.75, EUR/JPY finished 36 pips higher at 105.61. Will the yen pull another Jekyll and Hyde today? Read more…

Canadian Dollar (CAD)

Nothing like a short trip across parity and back! Once again, the magical 1.0000 mark held, as the Loonie bulls couldn’t sustain a bullish run. After testing as high as 1.0027, USD/CAD dropped over a 100 pips during the New York session and eventually closed at .9928, down 46 pips on the day. Read more…

Australian Dollar (AUD)

No mercy for the Aussie! While most high-yielding currencies were able to squeak out wins, the Aussie was left in Loser-ville as it continued to chalk up losses. AUD/USD ended 96 pips lower at 1.0345 while AUD/JPY closed 87 pips lower at 79.92. Read more…

New Zealand Dollar (NZD)

It’s a tie, fellas! The Kiwi and the Greenback duked it out yesterday, causing NZD/USD to swing to a high of .8240 and a low of .8120, but ended right back where it started at .8223. Take a look at today’s data to see whether the Kiwi could have the upper hand. Read more…

Swiss Franc (CHF)

After two days of gains, USD/CHF retreated yesterday as it closed 55 pips down from its .8874 open price. Switzerland didn’t release any red flags yesterday, but the ongoing euro zone debt problems seem to be attracting traders back to the Swissy. Will this behavior continue today? Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!